Article: International brokers sued over naked short selling allegations

Article - Media

International brokers sued over naked short selling allegations

Alex Pugh, SecuritiesFinanceTimes, 12 February 2021

CIBC, Bank of America, UBS and TD Bank stand accused of coordinating “abusive” naked short selling and spoofing strategies in US and Canadian stock markets by a Bermuda hedge fund that claims to have lost tens of millions of dollars as a result.

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Article: CIBC, Bank of America, UBS and TD Bank stand accused of coordinating “abusive” naked short selling and spoofing strategies

Article - Media, Publications

CIBC, Bank of America, UBS and TD Bank stand accused of coordinating “abusive” naked short selling and spoofing strategies

onlymadethistoupvote, 12 February 2021

International brokers sued over naked short selling allegations CIBC, Bank of America, UBS and TD Bank stand accused of coordinating “abusive” naked short selling and spoofing strategies in US and Canadian stock markets by a Bermuda hedge fund that claims to have lost tens of millions of dollars as a result.

Harrington Global Opportunity Fund has filed a suit at the US District Court for the Southern District of New York alleging that various US and Canadian financial institutions, through their broker divisions, manipulated markets and drove down pharmaceutical company ADVANZ PHARMA’s (formerly Concordia) share price in 2016. Continue reading “Article: CIBC, Bank of America, UBS and TD Bank stand accused of coordinating “abusive” naked short selling and spoofing strategies”

Suspended: Jody Ethan Thompson Suspended by FINRA

Suspended

Jody Ethan Thompson Suspended by FINRA

An AWC was issued in which Thompson was suspended from association with any FINRA member in all capacities for five months. In light of Thompson’s financial status, no monetary sanction has been imposed. Without admitting or denying the findings, Thompson consented to the sanction and to the entry of findings that he recommended several non-public offerings without having a reasonable basis to believe those transactions were suitable.

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Article: Overstock’s Patrick Byrne: the rise and fall of a blockchain pioneer

Article - Media, Publications

Overstock’s Patrick Byrne: the rise and fall of a blockchain pioneer

Scott Thompson, 25 August 2019

Patrick Byrne this week resigned as CEO of US online retailer Overstock. The move closely followed the announcement of disappointing Q2 2019 financial results.

In a letter, he said it was impossible to continue due to distraction and fallout related to his involvement in a Federal Bureau of Investigation Russian espionage probe. Continue reading “Article: Overstock’s Patrick Byrne: the rise and fall of a blockchain pioneer”

Article: 5 big banks pay $5.4 billion for rigging currencies

Article - Media, Publications

5 big banks pay $5.4 billion for rigging currencies

Virginia Harrison and Mark Thompson, 20 May 2015

Citigroup (C), Barclays (BCS), JP Morgan Chase (JPM), and Royal Bank of Scotland (RBSPF)were fined more than $2.5 billion by the U.S. after pleading guilty to conspiring to manipulate the price of dollars and euros. The four banks, plus UBS (UBS) , have also been fined $1.6 billion by the Federal Reserve, and Barclays will pay regulators another $1.3 billion to settle related claims.

The first four banks operated what they described as “The Cartel” from as early as 2007, using online chatrooms and coded language to influence the twice-daily setting of benchmarks in an effort to increase their profits. The guilty banks “participated in a brazen display of collusion and foreign exchange rate market manipulation,” said U.S. Attorney General Loretta Lynch. Continue reading “Article: 5 big banks pay $5.4 billion for rigging currencies”

Letter: Susanne Trimbath to SEC on Proposed Amendments to Regulation SHO

Letter

Susanne Trimbath to SEC on Proposed Amendments to Regulation SHO

Susanne Trimbath

STP Advisory Services, LLC, 29 August 2006

I am a Ph.D. economist doing research and consulting in finance and economics. I am formerly Director of Transfer Agent Services for Depository Trust Company in New York, and Operations Manager for Pacific Depository Trust Company and Pacific Securities Clearing Corporation in San Francisco. I also was Senior Advisor for KPMG on the USAID Capital Markets Project to design and implement trade clearing and settlement operations during privatization in Russia. Over the last three years I have been a paid advisor to companies, investors and law firms on the issues addressed by Regulation SHO. My comments will reflect my expertise in economic analysis of law and market efficiency, plus securities processing operations.

PDF (14 pages): Susanne Trimbath to SEC on Proposed Amendments to Regulation SHO

Web: Stockgate Report – Investrend Article on Targeting of DTCC by NASAA members for Subpoenas

Web

Stockgate Report: Investrend Article on Targeting of DTCC by NASAA members for Subpoenas

Bud Burrell

FinancialWire cited by Sanity Check via Wayback, 14 February 2006

FinancialWire has learned from a highly-placed informed source that the Depository Trust and Clearing Corp. appears to be a target of an enforcement action by the multi-state task force formed by the North American Securities Administrators Association.

If so, this would explain a recent flurry of posts and press releases by the DTCC denying any complicity in the exploding national illegal manipulative trading scandal known as StockGate, embroiling Netflix (NASDAQ: NFLX), Overstock (NASDAQ: OSTK), Krispy Kreme Donuts (NYSE: KKD) and Martha Stewart OmniLiving (NYSE: MSO), as well as provide a measure of validation to rampant rumors that the clearing house, jointly owned by the NASD and the New York Stock Exchange has received subpoenas.

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Web: Rod Young, Eagletech CEO’s Open Letter on the Shorting Scandal, a Classic

Web

Rod Young, Eagletech CEO’s Open Letter on the Shorting Scandal, a Classic

Bud Burrell, Rod Young

Sanity Check via Wayback, 17 January 2006

Today, more than one month later, the records have not been forthcoming as ordered by the court. Instead, as First Deputy General Counsel for the DTCC, I believe you have undertaken a campaign to disseminate misinformation, lies, and half-truths when confronted with facts made public by your detractors.On March 5, 2005 one day after the announcement of the aforementioned court ruling, your interview @dtcc.com, entitled “Naked Short Selling and the Stock Borrow Program”, stated: “One of these companies has been cited for failing to file financial statements since 2001.” Congratulations! You did get one right. On February 15, 2005, the Securities and Exchange Commission deemed it necessary for the protection of investors to institute proceedings pursuant to Section 12(j) of the Securities Exchange Act of 1934 In the Matter of Eagletech Communications, Inc., Respondent.

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